DBS Hong Kong, China’s PSBC to offer services under Wealth Management Connect
PSBC is one of the largest state-owned banks in China.
DBS Bank (Hong Kong) and the Postal Savings Bank of China (PSBC) have teamed up to offer services under the Wealth Management Connect scheme.
Both banks plan to jointly provide investment products for individual investors in the Greater Bay Area (GBA), according to a spokesperson from PSBC, one of the largest state-owned banks in China, and the country’s leading retail bank. The bank targets Sannong customers (agriculture, rural areas, and farmers), urban and rural residents, and small and medium-sized enterprises.
The partnership is in accordance with guidance requirements for the scheme, as issued by the People’s Bank of China Guangzhou Branch, the Central Sub-Branch in Shenzhen and other regulatory bodies, the spokesperson added.
Sebastian Paredes, Chief Executive Officer of DBS Bank (Hong Kong), expressed the bank’s excitement to partner with PSBC to develop and offer wealth management services for GBA customers.
“This strategic partnership creates mutually beneficial collaboration between PSBC and DBS Bank (Hong Kong). At the same time, it allows us to grow our GBA franchise, especially through PSBC’s extensive network in Guangdong. We expect to combine DBS’ strong Asian connectivity and digital capabilities to provide customers with a more diversified and holistic range of investment choices to achieve their financial goals,” Paredes said.